Lease Option Protection
Hello,
My realtor brought up a lease option issue to me and I was wondering if I could get some feedback on how to deal with this potential grey area.
If I lease option a house from a seller, what protection do I have if they take a second home mortgage against it (or other liens) after we have signed an agreement?
Any advice is helpful.
Thanks!
Jennifer
Jennifer,
You have to file a memorandum of option and the recorders office.
I don't have one available on this computer so if you email me with you address I send you one later
So a Memorandum of Option will show up if a bank researches a property for liens, correct?
This should also show up if a proper title search is done also?
Am I allowed to put my email address on this forum or is there another way to contact members? (Sorry I don't want to get kicked off by violating the rules)
Thanks,
Jennifer
Yes,
A memorandum of title will cloud the title if someone does a title search and not allow it to go forth without contacting you first, etc.
You need to put your email address under your profile under "My TCI" up top. That way, people can email you without you gettting in trouble Been there!
The Solutions Kid
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